Blooming Summer Businesses

| May 23, 2017

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The National Federation of Independent Business is the leading small business association representing small and independent businesses. A nonprofit, nonpartisan organization founded in 1943, NFIB represents the consensus views of its members in Washington and all 50 state capitals.

Spotlight

Retail Automata Analytics Inc.

Retail Automata Analytics Inc. is a Big Data Analytics products Based IT company. The flagship technology & product suite of the company is predictive analytics engine with patent pending technology it is marketed under the brand name of RetailReco.Retail Automata Analytics Inc. Is a US based Delaware organization and Retail Automata Analytics Pvt. Ltd. is based in India. RetailReco provides offline as well as online retailers of any-size a complete eco-system of predictive analytics product suite.

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Artificial intelligence for Small Businesses – Transformation Guide in 2021

Article | July 9, 2021

The effect of COVID-19, the pandemic nationwide, was inevitable and became a catalyst for every business's digital transformation, irrespective of a large, small, or medium-sized business. 2020 saw a boom in digital transformation and escalated demand for artificial intelligence (AI). A few years back, artificial intelligence for small businesses was just a buzzword for owners, and today it is a new reality of our day-to-day life. Many companies have recognized the extensive benefits of AI. As the growing power of AI for small business owners has been considered, they have integrated them to achieve their goals. Artificial intelligence, also called machine learning, offers small businesses the opportunity to become profitable, efficient, and effective. With time and evolution in technology, AI delivers results and has become affordable for small businesses. The unprecedented nature of the pandemic crisis brought in a set of new challenges and forced small companies to change and improvise their business strategies. This crisis led AI and machine learning to play a substantial role in various aspects of businesses. According to statistics, the artificial intelligence industry will be worth $190 billion by 2025, with global spending on AI systems already reaching $57 billion by 2021. The machine learning and deep learning segment accounted for nearly 65% of the market in 2019. According to ReportCrux Market Research, the global demand for artificial intelligence in the IoT market estimated to be around $ 2.64 billion in 2019, revenues are expected to be around $ 15.72 billion by the end of 2027, representing a 25.0% CAGR from 2020 to 2027. Moving forward, before you hit the core topic of this blog, here are few additional aspects you need to know about AI and small businesses. AI and small businesses Today AI is the new headline of every business news and has become a prevalent technology adapted by almost every industry. However, before delving into the implications of machine learning and artificial intelligence for small businesses, let me throw some light on what artificial intelligence (AI) and Machine Learning (ML) are. AI is creating computer systems capable of performing tasks that generally require human intelligence, such as visual perception, speech recognition, decision-making, and language translation. Machine learning is defined as “an artificial intelligence application that allows systems to learn and improve based on experience without being programmed automatically.” AI and machine learning have become a mainstay of the new business world. Yet, as per the common misconception, this technology is still considered for bigger businesses with big budget to spend. However, as technology advances, artificial intelligence for small businesses has become more affordable, making it an industry reality for them as well. According to the 2018 Vistage survey on the role of AI for small businesses, 13.6% of small-to-medium companies (SMBs) are currently using AI technologies to improve business operations and customer engagement. In addition, according to another survey of CEOs from small and medium-sized businesses, 29.5% of CEOs support AI technology. Artificial intelligence has gained trust from few big names such as Bill Gates and Elon Musk. AI and deep machine learning can be implemented through AI tools and AI software across different parts of business operations. AI tools help streamline all the processes of the business, thus transform the industry. AI tools for small companies benefit in various ways, including helping to improve sales and marketing efforts, improving recruitment and HR activities, and automating customer service and communications. Here is how artificial intelligence (AI) can help your small businesses improve your performance efficiency. Top 5 artificial intelligence recommendations for small businesses in 2021 AI-Infused CRM Since the digital approach towards business operations, machine learning and artificial intelligence for small business operations are changing. However, it necessitates a well-planned marketing strategy for small businesses to maintain a personal touch in their approach. As a result, customer-relationship management (CRM) systems play an essential role in gathering customer data across various omni-channels such as email, social media platforms, and phone. This customer data aids in the improvement and automation of the sales process. HubSpot CRM and Salesforce have incorporated AI into their technology; these AI-infused CRM for small businesses can help their owners in analyzing customer feedback. As a result, marketing and lead generation activities will be adjusted based on that information. AI-infused CRMs not only improve lead generation results, but they have also begun to demonstrate how AI can be used to acquire marketing and sales-relevant insights, as well as to improve the customer acquisition process. Effortless data-driven predictions and decision-making Data plays a key role for businesses in the decision-making process. The data-driven approach helps to improve decisions, but for this, the companies need to recognize and adapt artificial intelligence (AI) into their workflow. Data holds the insight that enables better decisions, integration of AI and machine learning in workflow validates effortless data-driven predictions and more robust decision making for further actions. The question is, how does AI help in the decision-making process based on data? Here is the solution; firstly, AI examines massive amounts of data and then provides insights to business owners, who make decisions based on this information. Then, do you see how artificial intelligence for small businesses in workflow simplifies decision-making and makes data-driven predictions with ease. Application of artificial intelligence (AI) in human resource The human resource was the most unexpected department into which artificial intelligence (AI) crept. Effective implementation of AI tools in human resources helps to streamline the hiring and onboarding process. Furthermore, it is beneficial to obtain employee feedback on how HR can improve the hiring process. AI tools for small businesses offer their marketing teams to handle repetitive and tedious tasks like data entry, cleaning up extensive data, and testing sales campaigns' efficiency. In addition, artificial intelligence for small businesses empowers them to optimize their staff output. AI-powered customer service The big players in online retail are no longer the only ones. Small and medium-sized businesses are also gradually becoming a significant part of selling their products or services on an online portal. In the form of conversational platforms such as chatbots, IVRs, and visual bots, AI can enable proactive customer self-service. First, however, it is necessary to develop personalized customer service for their satisfaction. This can be done with the help of integration of the most used AI-powered chatbots. Many small business owners are investing in this process to provide customer communication and service. Chatbots use natural language (NLP) processing technology of the machine learning tool. Since the introduction of deep learning in AI, it has become a need of an hour to deliver better results to customers, as approximately 30% of all online retail transactions are made on a mobile phone. Most small businesses are utilizing AI to provide customers with first-hand product experience. According to Gartner, “46% of SMBs (surveyed) are currently using or plan to use a chatbot within the next two years.” Another 21% of the small and medium-sized businesses polled were evaluating chatbots for use, according to the study. Chatbots is like a sales and customer rep working 24/7 for you. Among the many artificial intelligence for small businesses available, this relieves stress and allows you to devote your time to more critical tasks. For example, with AI-powered customer service, you can simplify many tasks, facilitate customer communication and customer experience. Cybersecurity Due to the COVID-19 outbreak, most businesses turned online, giving rise to online data storage by companies both big and small. Thus, exposing them to new cyber threats to business and consumer data, which are called cyber-attacks. One of the most talked-about cyber-attacks in 2019 is ‘Ransomware,’ a form of malicious software that is often deployed via social engineering tactics. According to the survey, ransomware attacks increased 350% globally in 2018, and ransomware attacks are expected to cost $6 trillion per year by 2021. For small businesses with a minimal budget to spend on cybersecurity or sudden ransom, such attacks can be devastating. According to recent reports, 60% of small businesses that suffer a cyberattack go out of business within six months. But luckily, cybersecurity powered by AI may provide some relief from these attacks. AI-powered cybersecurity programs look for unusual activity or cyber threats detected and can stop the attacks or raise alerts earlier. You can revitalize and empower your small business by employing artificial intelligence for small businesses to meticulously maintain an account database, stay in touch with customers, or protect your company from hackers. AI is the future of businesses In the future, AI can transform how businesses interact with customers, compete with one another, and grow in the market. On the other hand, the pandemic served as a catalyst for businesses to embrace the business benefits of artificial intelligence (AI). As a result, what would typically take years to implement on a large scale was completed in a matter of weeks and months. According to survey by Salesforce research, 51% of customers say their expectations of companies are now being influenced by AI. According to a report, the global artificial intelligence (AI) market was worth 28.42 billion USD in 2019. According to the same report, the AI market will be worth 99.98 billion USD by 2023, with a compound annual growth rate of 34.86%. Machine learning and artificial intelligence for small businesses help their owners reduce manual work and increase productivity with little effort and in a short period. FAQs Can small businesses use AI? Yes, small businesses can use AI and need an hour to implement it in their process. Small business owners can use artificial intelligence (AI) to provide the first-hand experience of their products or services to their customers. AI helps small businesses to handle repetitive and tedious tasks with great ease. How can small businesses benefit from AI? Implementation of AI in a small business can help to improve sales and marketing, streamline HR tasks, automate customer communication, provide cybersecurity from unpredictable threats, etc. Thus, artificial intelligence for small businesses can completely transform their position in the market. How is AI implemented in small businesses? AI technology can be implemented in small businesses using various AI-based tools, applications, or software. { "@context": "https://schema.org", "@type": "FAQPage", "mainEntity": [{ "@type": "Question", "name": "Can small businesses use AI?", "acceptedAnswer": { "@type": "Answer", "text": "Yes, small businesses can use AI and need an hour to implement it in their process. Small business owners can use artificial intelligence (AI) to provide the first-hand experience of their products or services to their customers. 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The Four Most Conventional Small Business Legal Issues Confronted

Article | September 1, 2021

While small business owners are typically preoccupied with the day-to-day operations of their businesses, they frequently ignore the small business legal issues and obstacles that they are likely to encounter in the future. Thus, it is a pressing need of an hour, majorly after the COVID-19, to identify their legal challenges and be well prepared for them. The neglected or untimely addressing of the legal issues could cost you a big deal and prove disastrous, and might even be challenging to recover. This article will describe legal issues affecting businesses and how to avoid them tactfully. There are myriad essential aspects of the business to be considered, such as overhead costs, marketing, employee management, business & marketing budget, etc. Among all these, legal aspects of business also hold a similar level of importance but are usually underestimated issues for business. Legal counsel from a reputable legal firm can guide you in identifying prospective issues and preparing for the future. Spend time ensuring that your firm is legally solid. Here are the most common small business legal issues encountered, and you should be cautious about. Establishing the Wrong Business Structure Establishing the wrong business structure stands first in the list of legal issues and is also critical. The business entity is classified into sole proprietorship, partnership, LLC, S-Corp, or C-Corp, and each has its own set of tax structure and legal obligations. However, registering under the wrong ones has a severe repercussion. Business law issues are not limited to tax laws; state and federal legislation changes may also impact a company's risk profile. Contracts are another significant legal issue raised by COVID-19. Unfortunately, once the courts begin to normalize their work environment, precedence will be given to criminal and family law proceedings. Thus, resulting in delays in contract disputes, which will have to wait years to be resolved. Inadequate Protection of Intellectual Property Businesses are constantly developing new and distinctive ideas, technologies, products, and marketing strategies. However, many small business owners believe that intellectual property issues are not their responsibility and only large corporations deal with them. This is the reason often these legal aspects of business are a common issue among small businesses. It is advisable to do in-depth research before naming your business or launching any new products or services to avoid using and enforcing identical trademarks, which will count as infringement. The consequences of infringement are atrocious. The owner will have to alter their name and suffer legal consequences, including damages and attorney's costs. Without trademark registration, ventures risk losing the right to their branding, wiping out years of effort and investment. Securing a trademark registration precludes the occurrence of any of these issues and inconveniences. It is needful to protect intellectual property and law for small businesses. So, consult an expert attorney or business adviser to identify what should be secured by copyright, patent, or trademark. Improper Licensing Every business must have a valid license to operate. However, it may be perplexing and challenging for novice business owners. Before you may lawfully trade, you must obtain a license. Improper licensing leads to business law issues and is one of the most common small business legal issues. Government licensing requirements vary according to the kind, size, and location of the firm. Additionally, the business license is contingent upon the goods or services provided by the business. Therefore, licensing costs vary according to location. Obtaining a license for your particular business demonstrates that you are knowledgeable about your industry and are capable of operating the appropriate equipment. If you are discovered conducting business without the proper license, you may face severe fines or possibly have your business activities halted. An experienced small business lawyer will help you through the paperwork and ensure that your business is properly licensed. Not Hiring or Firing Employees the Right Way Among many legal concerns, one of the most frequent business legal issues for small businesses are improper employment or termination of workers. Unfortunately, numerous small business owners make the error of employing or terminating staff without proper paperwork or agreement. Inadequately executed agreements or employee contracts expose your small business to litigation. Having a written contract is necessary and differs as per the employees whether they are full-time, part-time, and casual. The written contract includes information about the employee and employment details such as: Stipulate payment Rights and responsibilities of the employees Benefits Termination clauses Date the contract was signed Potential reasons for termination The employment contract needs to clarify the terms of employment, conduct, grounds of termination, expected behavior from employees, etc. Employees are asked to abide by this contract. In case of violation, within your legal rights, you can terminate their employment and safeguard every small business's needs. If you have employees or contractors, you must adhere to small businesses' federal and state employment laws. Conclusion Dealing with the legal aspects of business is not a pleasant task, but you cannot ignore it, and if you do, you may have to pay the price. Small business legal issues are critical business law issues that impact a large number of small business owners. Few small business owners are familiar with the legal elements of a business. It is crucial to engage a legal team to assist you in navigating it smoothly and avoiding the danger of destroying the future of your business. Frequently Asked Questions: What are the primary legal issues that small businesses face? Small businesses face many legal issues in their business operation, but the major ones are: Establishing the Wrong Business Structure Shareholders' Agreement Improper Licensing Inadequate Protection of Intellectual Property Not Hiring or Firing Employees the Right Way Response to Changes in the Law and Regulations Employee Termination How can a business overcome legal issues? Below are few tips for businesses to overcome legal issues: Recognize your regulations Inform yourself about labor laws. Acquaint yourself with intellectual property Select the appropriate attorney Maintain Vigilance { "@context": "https://schema.org", "@type": "FAQPage", "mainEntity": [{ "@type": "Question", "name": "What are the primary legal issues that small businesses face?", "acceptedAnswer": { "@type": "Answer", "text": "Small businesses face many legal issues in their business operation, but the major ones are: Establishing the Wrong Business Structure Shareholders' Agreement Improper Licensing Inadequate Protection of Intellectual Property Not Hiring or Firing Employees the Right Way Response to Changes in the Law and Regulations Employee Termination" } },{ "@type": "Question", "name": "How can a business overcome legal issues?", "acceptedAnswer": { "@type": "Answer", "text": "Below are few tips for businesses to overcome legal issues: Recognize your regulations Inform yourself about labor laws. Acquaint yourself with intellectual property Select the appropriate attorney Maintain Vigilance" } }] }

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COVID-19 crisis communication for small businesses: advice from a PR pro

Article | March 20, 2020

There’s rarely any downtime in the world of public relations, but the COVID-19 pandemic is kicking crisis communications into overdrive for small businesses across the country. On Monday, March 16, Vancouver-headquartered Reformation made a big move: on Instagram, Facebook, Linkedin and its website, the PR firm began offering free consulting for Canadian businesses with 50 or fewer employees. “First and foremost, we’re a small business,” says founder and principal Amanda Haines Lazeski. “We know the inherent risk that this crisis comes with, especially for small businesses—it really has the potential for massive devastation

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3 Patent Types and How to File for a Small Business Patent

Article | May 12, 2021

A patent helps protect the mechanisms, principles, and components of an invention. The term for a small business patent starts on the date its application is filed with the USPTO. Generally, this lasts for 20 years. Patents tend to be filed less frequently than trademarks and copyrights within small businesses. However, this is still a necessary form of intellectual property protection for inventions.

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Spotlight

Retail Automata Analytics Inc.

Retail Automata Analytics Inc. is a Big Data Analytics products Based IT company. The flagship technology & product suite of the company is predictive analytics engine with patent pending technology it is marketed under the brand name of RetailReco.Retail Automata Analytics Inc. Is a US based Delaware organization and Retail Automata Analytics Pvt. Ltd. is based in India. RetailReco provides offline as well as online retailers of any-size a complete eco-system of predictive analytics product suite.

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